Ghana’s Cocoa exports fall sharply in 2024 despite surge in revenue – Auditor-General’s Report
22nd July 2025
Ghana experienced a significant decline in cocoa export volumes in 2024, even as total earnings from the commodity rose markedly, according to the latest Auditor-General’s report on the Bank of Ghana’s Consolidated Foreign Exchange Receipts and Payments for the year ending December 31, 2024.
The report reveals that Ghana exported 261,248 metric tons of cocoa beans in 2024—a sharp decline of over 50 percent compared to 533,057 metric tons in 2023. Exports of processed cocoa products, including cocoa butter, paste, and powder, also dropped from 240,897 metric tons to 192,429 metric tons during the same period.
In spite of the reduced export volumes, total cocoa export earnings jumped by 37.5 percent, rising from US$1.26 billion in 2023 to US$1.73 billion in 2024. This unexpected boost was attributed to higher global market prices for cocoa and relatively strong performance in value-added cocoa products.
The Bank of Ghana had earlier projected cocoa export receipts of about US$1 billion for 2024. The actual inflows, however, exceeded expectations by more than US$734 million, contributing 14.47 percent to Ghana’s total foreign exchange earnings of US$11.99 billion for the year.
One of the report’s major red flags is the drastic reduction in inflows from syndicated cocoa loans, which are vital to financing Ghana’s cocoa industry. In 2024, proceeds from syndicated loan arrangements plummeted from US$681 million in 2023 to just US$50 million—a decline of more than 92 percent.
Notably, the report clarified that the US$50 million received in 2024 was not from the traditional pre-export syndicated loan facility. Instead, it originated from non-collateralized loans, which were used primarily to service COCOBOD’s debt interest payments, rather than supporting cocoa production or operations.
While the increase in export revenue provided a short-term boost, the steep decline in production and processing volumes has raised concerns about the sector’s long-term sustainability.
Analysts warn that Ghana’s cocoa industry may face significant risks if global cocoa prices fall and production remains low.
The severe drop in syndicated loan inflows also reflects tightening financing conditions and reduced investor confidence in the sector. Without substantial investment in cocoa production, farmer support, and infrastructure, stakeholders fear the revenue gains recorded in 2024 may not be sustainable.